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Rand News Update │ Rand progressing swiftly

We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive, or want the latest money transfer news.

The South African rand has managed to show some progress this morning, opening at a level of 18.5000. Yesterday the local unit traded in a range of 18.7200 and 18.5500. The predicted trading range for the rand today is between 18.3000 to 18.8000.

The short-term technical objective will stay unchanged, but price action does suggest the possibility of more gains for the ZAR in the short term. The rand’s strength can be credited to a weaker dollar and the lower levels of loadshedding.

Local market focus will be on Statistics South Africa publishing the country’s first-quarter formal sector employment figures. Investors will use this data to gain insight into the health of the economy.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.4719 versus the dollar.

  • GBP: 23.52

  • Euro: 20.21

  • Gold: 1925 USD

  • Bitcoin: 30 380 USD

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